The U.S. Department of Labor has issued a new and controversial regulatory proposal that would expand the class of plan fiduciaries and impose new conflict-of-interest restrictions on how these fiduciaries transact business with employee benefit plans. Whether you are a plan sponsor or plan committee member, an IRA holder or provide services to employee benefit plans, these new rules would affect the way that you operate.
The White House has estimated that conflicted advice may cost plans over $17 billion each year. The Wall Street Journal has stated that the proposal "could affect the retirement savings of millions of investors for years to come." At the same time, securities industry associations warn that it could greatly increase plan litigation and limit the ability to provide advice to small plans and IRA's.
Please join us for an expert panel discussion of the fiduciary proposal on September 10 at noon. Carol Buckmann, Counsel in Osler's Pensions and Benefits Group, will be joined by special guests Gary Yerke, Vice President and Associate General Counsel, Fidelity Investments, and Alan Spierer, Senior Retirement Plan Consultant with UBS Institutional Financial Services to provide you with an overview of the impact of this important new proposal. The panel discussion will include the following topics:
- What are the major changes to existing rules?
- What new responsibilities would I have as a plan sponsor or investment committee member?
- How would my record keeper/plan provider be affected, and what will it mean for me?
- How would the changes affect brokers and investment advisors?
- What changes might be made to the proposal?
- Should I be preparing to comply now?